MAX acquires additional 560 acres to cover the northwest extension of high grade copper/silver mineralization identified in soils at Majuba Hill, Nevada; drilling scheduled to resume in May
TSX-V Symbol: MXR
OTC BB Symbol: MXROF
VANCOUVER, April 26, 2012 /PRNewswire/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has entered into a Mineral Lease with New Nevada Resources, LLC ("NNR") for 560 acres of mineral rights ("Section 33) immediately adjacent of its Majuba Hill copper/silver/gold project in Nevada where soil sampling in 2011 identified a high grade soil anomaly covering a 1.5 km by 2 km area that returned values as high as 1.53% Cu and 209 g/t Ag in soils. This zone, centered around the past producing DeSoto silver mine, remains open to the south and east and appears to extend at least another 1 km to the northwest on Section 33. Soil sampling to confirm the grade of mineralization identified on surface at Section 33 will be conducted in early May, in conjunction with resumption of drilling at Majuba Hill.
The Mineral Lease with NNR is for a term of 20 years and calls for annual lease payments of $15 per acre in the first year, increasing incrementally to $30 per acre in year four and subsequent years. NNR has the right to retain a 15% working interest in Section 33 or can convert it to a NSR of 0.5% on base metals and 1% on precious metals, in addition to retaining an overriding NSR of 1.75% on base metals and 3% on precious metals.
During the fall of 2011, MAX intercepted 29.2 m of 30.5 g/t silver and 0.69% Cu at 21.9 m below surface in a step out hole (MM-18) at the DeSoto zone,
which is 1.4 km to the northwest of Phase I drilling completed at
Majuba Hill in the summer of 2011 that intercepted high grade
copper/silver near surface over long intervals (such as 96 m of 39.2 g/t silver and 0.57% copper) in five of eight holes, as summarized in the following table:
|MM-07||290||-45||146.4 m||76.2||126.5||50.3 m||0.31%||0.31||50.8|
|MM-06||-||90||119.8 m||1.5||97.5||96.0 m||0.57%||0.10||39.2|
|Includes||119.8 m||1.5||45.7||44.2 m||1.14%||0.15||71.0|
|MM-02||243||-70||122.8 m||68.6||114.3||45.7 m||0.56%||0.07||15.4|
A second step-out hole in late 2011 (MM-17) was drilled 730 m southeast of Phase I drilling and intercepted 42.7 m of 16.8 g/t Ag, 13.7 m of 15.9 g/t Ag and 6.16 m of 51.0 g/t Ag, indicating that this target area may be the southeast extension of the high grade supergene oxide mineralization identified during Phase I drilling (as summarized in the table above).
Drill permits have now been received for a 5,000 meter Phase III drill program scheduled to begin in May, 2012. This core drilling program will continue to test the southeast extension of high grade oxide mineralization at the historic Majuba Hill mine, as well as initiate delineation drilling at the DeSoto discovery zone 1.4 km to the northwest with a view to outlining an initial NI 43-101 compliant resource estimate by the end of the year.
MAX believes that Majuba Hill is a newly defined large scale intrusive-type porphyry system that is highly prospective for the discovery of new zones of economic copper/silver mineralization. The site of numerous past producing mines, with historic production reported of 12% Cu ( Mason Valley Copper in 1918) and silver grades up to 40 opt Ag, Majuba Hill encompasses 2,568 acres of surface and mineral rights that includes patented lode mining claims. The property lies 30 miles northwest of Coeur d'Alene's Rochester mine (which has produced 127 million ounces of silver and 1.5 million ounces of gold since 1986) and is easily accessed via 23 miles of well-maintained dirt roads leading from U.S. Interstate 80. For more detailed information on the Majuba Hill copper/silver project, including project maps, please visit our web site at www.maxresource.com.
This news release has been reviewed by Mr. Clancy J. Wendt , P. Geo, a "qualified person" as that term is defined under National Instrument 43-101. The historic information provided has not been verified by MAX and is for reference only.
About MAX Resource Corp.
MAX Resource Corp. is a Canadian exploration company with a diversified portfolio of mineral exploration projects in the Western United States. We are currently focused on copper, silver and gold, with three Nevada gold properties, Table Top, East Manhattan Wash, Diamond Peak and Majuba Peak, being actively drilled and explored this year. For more information, please visit our web site at www.maxresource.com.
On behalf of the Board of Directors of
MAX Resource Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause MAX's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
SOURCE MAX Resource Corp.
More by this Source
MAX agrees to acquire 100% of Majuba Hill Silver/Copper/Gold Property in Nevada
Dec 04, 2012, 08:00 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.